Stock market bounces back as Cabinet meeting resumes

LAHORE - Pakistan Stock Exchange climbed upwards as the long-awaited Cabinet meeting resumed to take decisions on measures to narrow current account deficit (CAD) and reverse reduction in income tax implemented by the previous government (though no major decision has come out as yet). As a result, market turned positive with expectations of remedial measures on the external front. The 100-share index closed up 527.87 points at 41049.91 points. To note, market has gained 500+ points for the first time after Jul 30, 2018.

Thall Limited (THALL) announced its 4QFY18 result posting consolidated EPS of Rs9.43 down 8% YoY vs EPS of Rs10.26 in the similar period last year. Thatta Cement Company (THCCL) posted its 4QFY18 result with consolidated EPS of Rs1.27 up 100% YoY. To note, the full year EPS was posted at Rs5.99 down by 10.5% YoY. Murree Brewery Company (MUREB) disclosed its 4QFY18 result announcing EPS of Rs15.67 up 40% YoY.

Sales were up by 13% YoY, while other expenses declined by 28% YoY. The company was charged tax rate of 20% down 10% YoY. The company recorded a finance income of Rs192m in the 4QFY18. MUREB also announced a bonus issue of 20%.